United Tech's (UTX) Sikorsky Gets $8.5B Balck Hawk, Seahawk Helicopter Contract from U.S. Army, Navy

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The U.S. Army and Navy today signed an $8.5 billion contract with Sikorsky Aircraft Corp., a subsidiary of United Technologies Corp. (NYSE: UTX), to buy a baseline quantity of 653 BLACK HAWK and SEAHAWK helicopters through December 2017. The five-year contract will yield significant savings for the U.S. Government compared with purchasing the same quantity across five separate annual agreements.

The five-year agreement also allows the Army and Navy to order as many as 263 more aircraft within the same contractual terms. If exercised, the optional purchases could push the contract value as high as $11.7 billion. Actual production quantities will be determined year-by-year over the life of the program based on funding allocations set by Congress and Pentagon acquisition priorities.

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